Nifty look up for the day using RSI Edge

Nifty – The index witnessed selloff during the week, the pivot levels of 10610 was intact and buyers were not able to cross it. 10445 will serve as resistance for this week, as long as it remains below it 10340 and 10240 are possible. A move above 10545 may take Nifty to 10640 levels. The RSI took resistance at 50 and turned down.

Nifty – The index witnessed selling through out the day. The momentum is weak and this sell off is expected to continue. The next support levels are at 10390 – 10340 levels. A push to these levels will render RSI in deep oversold zones and a correction (upside) may be probable. Shorts should take profits at the above levels. 10485 levels can be utilized also for trailing shorts.

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